A blog for CinciDood's (aka Atomic Kid, aka Jack Julian) microeconomics course at IUP. Refresh page to ensure you are reading the most current entries.

Tuesday, April 28, 2009

Key to sample problems for test final

Hey folks! Sorry for the delay.

Here's a key that I got from one of your classmates. I decided to use it instead because I'm lazy. ;-) Do you think it is correct? Let me know.

1-A, 2-A, 3-B 4-A, 5-C, 6-B,
7-B, 8-B, 9-D, 10-A, 11-D*,
12-B, 13-D, 14-C, 15-B,
16-C, 17-C, 18-C, 19-A, 20-D, 21-B**,
22-D, 23-B, 24-D, 25-C, 26-A,
27-C, 28-B, 29-D, 30-C, 31-A,
32-A, 22-C, 34-D, 35-C, 36-A, 37-B,
38-C, 39-B,
40-D, 41-A, 42-A,
43-C, 44-B, 45-C, 46-B, 47-B

*The firm should cut production since its MC is too high.
**This describes economies of scale.

Sorry for all the monopolistic competition questions. You won't have many at all, however, (here's some free info for those who pay attention to these blogs) the written problem is related to monopolistic competition. It will be a game theory problem applied to choosing whether or not to advertise a product.

Also, I think there is a problem on the review sheet. A game. I have the key for that at the office. I'll have to get that on the I-drive in the morning. (I had a Senate meeting this afternoon and I did not go back to the office after the meeting as it was getting late.)

Good luck.

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